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In the first half of April, signs of increasing deposit interest rates returned at some banks with an increase of 0.1 - 0.3%/year.
Most recently, Vietnam International Commercial Joint Stock Bank (VIB) adjusted its 1-month deposit interest rate up by 0.1%/year, bringing the listed interest rate to 2.6%/year.
Meanwhile, at Vietnam Prosperity Joint Stock Commercial Bank (VPBank), the interest rate for some long terms increased by 0.3%/year, bringing the interest rate applied for 24-36 month terms to over 5%/year; the interest rate for 12-18 month terms also increased to 4.8%/year.
Similarly, Kienlong Commercial Joint Stock Bank (Kienlongbank) and Vietnam Export Import Commercial Joint Stock Bank (Eximbank) also increased interest rates by 0.2%/year for some terms.
Specifically, Kienlongbank listed online deposit interest rates for terms from 6 to 36 months at 4.4 - 5.5%/year. Eximbank listed interest rates for terms from 6 to 9 months at 4.1%/year.
In addition, National Commercial Joint Stock Bank (NCB) and Saigon - Hanoi Commercial Joint Stock Bank (SHB) also increased interest rates by 0.1 - 0.2%/year for some terms.
Although only slightly increasing deposit interest rates for a few terms, this move by commercial banks is also attracting the attention of depositors.
On the other hand, there are still banks that have adjusted their deposit interest rates down. Notably, Saigon Commercial Bank (SCB) has reduced its interest rates twice since the beginning of April, by 0.1 - 0.3% per year depending on the term.
Interest rates for 1-3 month deposits at SCB are currently 1.6-1.9%/year; 6-9 month deposits are 2.9%/year; 12 month deposits are 3.7%/year; 18-36 month deposits are 3.9%/year.
Some other banks also reduced deposit interest rates such as Vietnam Technological and Commercial Joint Stock Bank (Techcombank), Viet A Commercial Joint Stock Bank (Viet A Bank), Nam A Commercial Joint Stock Bank (Nam A Bank)...
According to a survey by reporters, there are still high interest rates, especially for large deposits. In particular, An Binh Commercial Joint Stock Bank (ABBank) is the bank that mobilizes deposits with the highest interest rate of up to 9.65%/year for a 13-month term, applied to savings deposits of VND1,500 billion or more.
Vietnam Public Joint Stock Commercial Bank (PVcomBank) applies an interest rate of 9.5%/year for deposits of VND2,000 billion or more with a term of 12-13 months. This rate has decreased by 0.5%/year compared to the beginning of last month.
Similarly, Techcombank also applies an interest rate of 9.5%/year for a 12-month term when customers deposit savings of VND 999 billion or more.
According to WiGroup's analysis, although deposit interest rates are still at their lowest level, there are signs of a breakthrough in interest rate increases from some private banks. The main reason for this is that the amount of money deposited in banks has decreased, while the demand for loans has increased.
WiGroup predicts that there will not be much room left for banks to reduce deposit interest rates, which is also an early sign that deposit interest rates are about to hit "bottom".
